Perpetual is battling to convince shareholders its $2.18 billion deal to sell its wealth management and corporate trust businesses to Kohlberg Kravis Roberts & Co will withstand scrutiny after admitting key aspects of the transaction such as its tax bill are unknown.
The agreement with the Wall Street private equity firm brings to a close a months-long strategic review of Perpetual’s business that drew interest from rival buyout firms, and culminated in the retirement of chief executive Rob Adams.
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Aaron Weinman is a correspondent at The Australian Financial Review who covers investment banks, private equity firms and the broader capital markets. Connect with Aaron on Twitter. Email Aaron at aaron.weinman@afr.com
Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
